Department store chain Myer says it will close more stores and expects another difficult year ahead after its profit tumbled 80 per cent due to writedowns on the value of . Myer Frankston is set to close permanently on January 15 after 50 years. If you still want to cancel your credit card after reviewing your options, follow our step-by-step guide. Myer chief executive John King said the decision the latest in a long line of major department store closures was driven by rising demand for online shopping. 25+ news channels in 1 place. Register, Join the conversation, you are commenting as Logout. This ensures you don't forget about any balances or incur fees. 7 in 10 businesses have permanently closed office space during the Myer's profit margin fell 58 basis points to 38.12 per cent, which it said was due to handing over more space to concession stores. Our focus must remain on operating our business in a manner that protects the health and wellbeing of customers and team members in limiting the spread of COVID-19., In the video below: Popular retailers close amid coronavirus pandemic. No final dividend was paid for the 2019 financial year. Myer aims to clear the entire Frankston store out in its post-Christmas sales and staff there will be redeployed to Chadstone, Southland or Fountain Gate shopping centres. Department store giant Myer will temporarily close its stores from end of business Sunday until at least April 27. News of the profit turnaround drove Myer shares up almost 11% on Thursday morning. Myer said last month that its sales for the five months to January 1 were up 12.3 per . Many locals are sad at the loss of the iconic shopping store. After you paid off your balance and redeemed any rewards, it's time to start the cancellation process. You can also cut it into tiny pieces. Baker has shopped at the store for its entire 50-year lifespan. "Our vision remains for Myer to be a data and digital-led retailer supported by our store network, which continues to be an asset to our business. Myer shares lost some of their early gains and were up 1 cent at 73 by midday. Frankston MP Paul Edbrooke said the closure was an end of an era. Nationwide News Pty Ltd 2023. Myer has completed space reductions at Belconnen, Cairns, Emporium and Morley with works currently underway at Highpoint, which are scheduled to be complete in June 2021. The virus impact was greatest at CBD stores, which are . It may seem old-school to mail a cancellation letter after you just called, but it's a key step that shouldn't be overlooked. Company declares profit after tax of $24.5m but says between 5% and 10% of its total floor area is under review. 7.5 million small businesses are at risk of closing, report finds - CNBC MYER at Bayside Shopping Centre in Frankston will shut down next year. Myer has been falling behind some of the strategy's key targets, with average sales growth of 0.1 per cent a year coming in short of its 3 per cent target between 2016 and 2020, and sales per square metre increasing 3.7 per cent, a long shot from its targeted 20 per cent improvement by 2020. Even worse, all our shopping centres are becoming a repetition of each other. Lisa, My brothers and I have lots of stories of being dragged around for hours shopping with our mum. The winter break housing contract runs from Saturday, December 17, through Saturday, January 7. Marketing historian Professor Robert Crawford, of RMIT University, said the Frankston closure was another example of the end of an era for department stores. Myer Frankston is set to close permanently on January 15 after 50 years. Street: 63 Watt Road, Mornington, 3931
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